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Santorini Island, Greece continues to be evacuated as the tremors continue
On Wednesday, hundreds more tourists were expected to depart the Greek island of Santorini as tremors continued for a sixth consecutive day. In recent days, about 6,000 people left the island on ferries or planes as hundreds of small earthquakes were registered around the sea. These quakes shook buildings and kicked up dust along the rocky cliffs of the island, raising fears of an earthquake of major proportions. In the summer, millions of tourists flock to the white-painted traditional villas that line Santorini's steep hillsides. Santorini has a permanent population of 15,000 according to the 2021 census. It is therefore likely that several thousands remain on Santorini, as it is off season. The authorities have taken safety measures including stopping construction and closing schools in Santorini as well as the nearby islands Ios, Amorgos, and Anafi. They also ordered residents to empty their swimming pools and hotels to do the same to ease the pressure on the ground. On Wednesday, three ferry routes between the port of Piraeus and Santorini were cancelled due to rough seas. Six Aegean Airlines scheduled flights on Wednesday, including two urgent ones, were not expected to be disrupted by bad weather. Locals and government officials reported that the shaking has subsided since Wednesday, but according to seismologists the activity will likely continue for days or even weeks. Nikos Sakorafos is the owner of a popular travel agency in Fira, a popular tourist destination. It's easy for people to leave because it's dead season on the island. Later on Wednesday, the government will hold a press conference to discuss the situation. Greece is a country that experiences frequent earthquakes due to its location at the border of the African-Eurasian tectonic plate. Santorini's current form was formed by one of the biggest volcanic eruptions ever recorded, which took place around 1600 BC. The last eruption occurred in the 1950s. Reporting by Angeliki Koutantou; Editing and Angus MacSwan by Edward McAllister
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Maguire: Europe's gas-use pace could slow down as the coal switchover kicks in.
Several of the largest economies in northern Europe have increased gas-fired electricity generation by a large amount so far in 2025. This has helped to raise regional gas prices at their highest level since early 2023. LSEG data shows that the gas-fired production in January was up by more than 10% compared to January 2024 levels, and reached its highest level for the month since at least 2012. Gas consumption may slow down as gas prices in the region have now risen above coal-fired power generation. This may cause some power companies to reduce gas production and increase coal-fired energy instead. The switch from gas to coal is most likely in Germany or Poland, where coal-fired electricity makes up a greater share of the national generation system than natural gas. Gas prices in Europe are currently up 60% from a year earlier. However, reducing gas usage and increasing coal-fired power generation will have major emissions consequences, since coal emits nearly twice as many carbon dioxide per unit of electricity generated as gas. GAS BOOM In January, gas-fired electricity production reached historic highs in Germany as well as the United Kingdom. This was the first time that the monthly totals were so high in either country since the Russian invasion of Ukraine early in 2022 disrupted regional gas markets. In both the Netherlands as well as Poland, the January 2025 total for gas-fired power was the second highest monthly total since 2022. This highlights the wide-ranging use of gas in Europe over the past few months. According to LSEG, the TTF facility, Europe's major gas pricing hub, in the Netherlands, reflects the rapid consumption. Prices in January averaged 48.36 euro per megawatt-hour. This is a 40% increase over the TTF 2024 average and 60% above where TTF was averaged in January 2024. It is also the highest price that the region has seen since February 2023. SWITCHING OUT Power producers are being forced to reduce price increases by consumers due to the steep rise in TTF prices. In 2022 and 2023 the cost of energy for consumers in Europe rose more than it did in the United States or Asia. As a result, European power providers are under heavy societal and government pressure to avoid any further increases. You can do this by switching to cheaper energy sources whenever possible. After the dramatic rise in natural gas prices over the last year, coal is now the cheaper source of power generation than gas in Germany and Poland. Since August 2024, the gas price has consistently been higher than what is called coal switching prices. The coal-switching rate is the price at which an electricity provider can generate more power economically from coal than gas, provided both fuels are available. According to LSEG, from August until the end of 2024 the TTF gas price averaged 6.20 euros per Megawatt Hour (MWh) or 18% above the coal-switching prices. By 2025, the difference has grown to almost 13 euros/MWh (or 36% above coal switching price). The spot and forward price of natural gas and thermal coke locally available is a factor for managers of complex energy networks with coal and gas power stations. The current TTF forward curve indicates that gas prices will remain higher than coal switching price until at least 2026. By then, gas costs are expected to drop again. The LSEG data on forward curves indicates that TTF will be priced at an average of 14.70 euros/MWh higher than the coal switching prices in 2025. However, the curves will still remain dynamic for gas and coal. This price outlook for power producers in Continental Europe suggests that firms who can increase output from coal while reducing gas usage may be able reduce operating costs and limit further increases in consumer energy bills. Any sharp increase in coal-fired production will undermine regional efforts to reduce emissions and could generate criticism from regional emission watchdogs. The United Kingdom's power firms have no choice but to switch back to coal-fired production after the closure of Britain’s last coal plant, in 2024. However, a sustained increase in wind energy generation in the coming months may reduce the amount of gas-fired electricity required. The steep rise in gas prices across Europe will force power companies to increase their output using non-gas sources. However, gas-fired stations will still remain an important part of the overall mix. These are the opinions of the author who is a market analyst at.
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Gas shipping prices fall due to increased vessel availability
The cost of shipping liquefied gas (LNG), cargoes, has fallen to a five-year low as the number of newly constructed carriers in the global fleet is outpacing shipping demand. Shorter average journey times and increased vessel availability have also contributed to this decline. According to Spark Commodities, on Tuesday, the Atlantic freight rates for vessels equipped with two-stroke engines and capable of transporting 174,000 cubic meters LNG, which is the most common kind of LNG in the market were $4,250 a day. Spark Commodities' data shows that prices on Friday fell to $3,500 per day, which is the lowest price ever recorded. Atlantic rates have fallen by over 90% since the beginning of the year. Spark's data shows that rates for the same ship class on Pacific routes are down by almost half this year. On Tuesday, they dropped to $11,000 per day. This is the lowest rate ever recorded for Spark's dataset, and it is down almost 80% compared to last year. The global LNG fleet grew in 2024 but LNG loadings only increased by a small amount. This has led to an oversupply as the market awaits a significant increase in LNG export capacities over the next 18-months, said Deng Xiaoyi. Deng said that shipowners and charterers are in competition to rent out their vessels. "Firms that have extra shipping capacity are willing to reduce their offers in order to partially recover their operating costs and reduce their losses, rather than idle their vessels." Atlantic rates for older vessels with tri-fuel engines and 160,000 cubic meters LNG were negative over the past seven days. They hit a record low on Monday of minus 2,750 per day before paring their losses to reach minus 1,000 per day on Tuesday. Afghan stated that the only other negative rate occurred in February 2022 just before Russia invaded Ukraine. However, this only lasted two days. He said that "negative round-trip rates" indicate that the shipowner's earnings do not fully cover fuel costs associated with ballasting the vessel back to the loading port for a return voyage in the Atlantic basin. Sources on the market predicted that LNG shipping costs could continue to decline into 2025 if new tankers are added faster than LNG production increases. The higher delivered prices in Europe also encouraged U.S. cargoes not to travel to Asia and instead remain in the Atlantic, increasing vessel availability because it results in shorter journey times. In January, at least six LNG cargoes from Asia were diverted to Europe. The Chinese tariffs on U.S. Liquefied Natural Gas and the record number of newbuild vessels that are due to enter the marketplace this year will compound the effect, said Spark’s Afghan. He added that freight rates may remain at their current levels throughout the remainder of the month. The U.S. arbitrage market to Asia will remain closed until 2025, according to current estimates. "It would take a significant change in the JKM TTF spread to move this signal from Europe to Asia," said he. He was referring to the difference between the Asia benchmark Japan-Korea Marker price for LNG compared to European gas prices on the Dutch TTF hub. The TTF price on Tuesday was $15.76 for a million British thermal unit of gas, compared to $14.41 for JKM.
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South Korea's MFG bids for 140,000 t corn, traders claim
European traders reported on Wednesday that the Major Feedmill Group in South Korea (MFG) had issued an international tender for up to 140,000 tons of animal feedcorn sourced only from the United States or South America. The deadline to submit price bids in the tender is Friday, February 6. Two consignments of between 55,000 and 70,000 tons each are expected to arrive in South Korea, both in the month of May. Shipping of one consignment to arrive in South Korea on May 5, was requested between April 1-20, if it came from the U.S. Pacific Northwest Coast, between March 12-31, if it came from the U.S. Gulf coast, from March 7-26, if coming from South America, and from March 17-April 5, if coming from South Africa. The second shipment for arrival on May 15 in South Korea is to be shipped between April 11-30, if it comes from the U.S. Pacific Northwest Coast, or between March 12 and April 10 if it comes from the U.S. Gulf. The tender is seeking price offers both in terms of outright cost per ton and freight included (c&f), or at a higher premium than the Chicago May corn contract. Traders said that Asian corn purchases have been slow in the past two weeks due to the Lunar New Year holidays. However, they expect them to pick back up as soon as the holiday period is over. (Reporting and editing by Louise Heavens, Michael Hogan)
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Government advisers predict that Germany will miss its 2030 climate goal.
In a report released on Wednesday, climate advisors for the German government said that it is unlikely Germany will achieve its 2030 climate goals unless major policy changes are made. The independent Council of Experts on Climate Change (which must regularly review the country's performance on climate change) said that Germany will not meet its goal of reducing greenhouse gas emissions to 65% by 2030, compared to 1990. This is mainly due to the transportation and construction sectors. Last year, the council said that Germany would likely miss its binding greenhouse-gas targets. The council stated that, ahead of the national elections scheduled for February 23, the report outlines the requirements of an updated climate action plan that must be presented by a new government within one year after taking office in accordance with the Climate Protection Act. According to the Council, even though greenhouse gas emission has been decreasing recently, and contributing to the achievement of the annual target, the pace must increase by 50% this year in order to reach the 2030 goal. The Council noted that there had been progress made in reducing emissions in the energy sector, and in some cases in the industry which has recently been affected by the energy crisis in Germany and the economic recession. The council said that emissions declined in 2014-2023, compared with 2010-2019. However, the outlook for construction and transportation sectors remains bleak, because too many cars powered by internal combustion engines are still being registered. (Reporting and writing by Andrey Schev, editing by Miranda Murray.)
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Neo-Nazi leader convicted in Baltimore plot to attack power grid
The U.S. Justice Department announced on Tuesday that a neo Nazi leader who was accused of planning to attack Baltimore's electricity grid had been found guilty of conspiracy to damage an energy facility. Brandon Russell, 29 of Orlando, Florida, and an associate, were arrested by the FBI in February 2023, after a confidential informant foiled their plot. The Justice Department stated that evidence presented at the trial revealed that Russell had conspired between November 2022 until that month to attack transformers in electrical substations, "in furtherance his racially- or ethnically-motivated violent extremist views." Russell posted links on open-source maps of infrastructure and explained how a few attacks against substations can cause "cascading failures," according to the Department. The department reported that he recruited a woman from Maryland, Sarah Beth Clendaniel to carry out his attacks to disrupt and damage the power grid of Baltimore, Maryland's biggest city. Clendaniel had identified five substations that she wanted to attack, and Russell tried to get a weapon to her. The department stated that the planned attacks could have caused damages of over $75 million. According to the Southern Poverty Law Center (a civil rights group that tracks hate groups in the United States), Russell is a convicted felon, and the founder of a neo Nazi group called Atomwaffen Division. The group works towards "ushering in the fall of civilization." After pleading guilty, he was sentenced to five-years in prison for possession of a destruction device that had not been registered and improper storage of explosive material. Russell's sentencing is set for June 17. Russell could be sentenced to up to 20 years of prison. Clendaniel received a sentence of 18 years imprisonment in September 2024. (Reporting and editing by Ryan Patrick Jones)
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Keppel's profit increases as demand for data centres rises
Singapore's Keppel reported a 5% increase in its underlying profit for the full year on Wednesday. Its connectivity segment saw its earnings boosted due to strong demand for digital technology required for artificial-intelligence-based services. Keppel’s connectivity segment, where its data centres are operated, saw a net profit increase of nearly 45%. Keppel’s most profitable infrastructure segment saw its profit drop 4%, to S$673m, for the year ended December 31, due to lower gains on sponsor stakes, and lower distributions by Keppel Infrastructure Trust. Net profit for the asset manager from ongoing operations increased to S$1.06 (US$784.20) billion in 2024 from S$1.02 reported a year before. Keppel is transitioning to an asset manager and has a goal of managing S$200 billion in assets by 2030. The company declared the same final dividend as last year, 19 Singapore cents for each share. ($1 = 1.3517 Singapore dollars) (Reporting by Aaditya Govind Rao & Rajasik Mukherjee in Bengaluru; Editing by Rashmi Aich)
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The trade war with China casts a shadow over US LNG projects
Analysts, industry sources and company filings say that President Donald Trump's emerging war of trade with Beijing is a threat to the billions of dollars of planned U.S. LNG export projects. Many of these rely on China to be a major buyer. This threat is a reflection of the dual-edged nature Trump's policies. They are meant to boost U.S. businesses and force action against illegal immigration and drug trafficking, but they could also unintentionally undermine his hopes to vastly expand U.S. Energy output. The tariffs could impact long-term contracts and offtake agreements...and may make it harder for new US LNG project to progress towards Final Investment Decisions," analysts from energy consulting firm EBW Analytics said in a customer note published on Tuesday. They were referring to Beijing’s decision to impose retaliatory duties on U.S. imports of energy. Trump announced over the weekend a 10% tax on Chinese imports, as part of an overall plan to improve U.S. Trade Balance. This triggered retaliation by Beijing, which imposed a 15% duty on U.S. coal and LNG, and a ten percent tariff on U.S. Oil. According to LSEG, the U.S. was the largest LNG exporter in the world last year. China imported nearly 6% of U.S. LNG total exports, or approximately 4.3 million metric tons. According to calculations, Chinese state-owned firms have signed LNG supply contracts for more than 20 million metric tons per annum (MTPA), from existing and future U.S. Export Terminals. According to public announcements, the two largest U.S. LNG companies, Venture Global LNG (formerly Cheniere) and Cheniere, both have long-term agreements with Chinese companies for 14 million MTPA. Venture Global did not respond to comment requests, while Cheniere, and Energy Transfer (which has a long term sales and purchase agreement in China) were also unavailable for immediate comment. Freeport LNG, which is the third largest U.S. exporter of LNG, declined to comment as well. Eight LNG export terminals are currently operating in the U.S. Three more are under construction, and there are nearly 20 others at different stages of development. After the Trump administration lifted the moratorium imposed in January by the former president Joe Biden on new LNG permits due to concerns over the projects' economic and environmental impacts, companies are moving forward with plans for new or increased LNG export capacity. Charlie Riedl is the Executive Director of Center for LNG. This trade group represents many U.S. LNG developers and exporters. He said that China's decision imposes tariffs creates uncertainty in the industry, and erodes America's position on the global energy market. Riedl stated that "These tariffs directly undermine the Trump Administration's efforts to increase American energy exports, and strengthen our influence in the geopolitical arena." White House officials told that Chinese tariffs against U.S. LNG may have a limited economic impact but the risk is worth it. The official stated that "there is no dollar value to saving American lives by preventing fentanyl-related deaths", reflecting U.S. concern over China as a major supplier of the drug and the chemicals used to manufacture it. Officials said that Trump wanted to expand LNG export markets to other countries as well to reduce the risk of Chinese action. BIG CONTRACTS LNG developers use sales and purchase agreements or long-term contracts to secure funding from banks for their projects. These agreements are essential for moving projects through the development phase to a final decision on investment. According to filings by the company, Venture Global, which is the largest U.S. exporter of LNG, with two plants in Louisiana operating and three others under construction, has so far signed supply agreements with Chinese companies totaling 9.5 MTPA. According to Cheniere Energy's announcements, it has 4.5 MTPA of long-term Chinese contracts. This is the second most valuable U.S. gas company, and the current largest exporter. Venture Global warned its investors in the prospectus of its massive initial public offering (IPO) of January that it was exposed to a potential trade war between two of the largest economies of the world. Venture Global informed investors that "These factors may adversely affect our capacity to market the remaining output of our project, which could have an adverse material effect on the viability and profitability of our project." Its stock fell almost 5% during Tuesday's afternoon trading, while Cheniere dropped less than 1%. Curtis Williams reported from Houston; Scott DeSavino, Jarrett Renshaw and Nia Williams contributed additional reporting. Richard Valdmanis edited the story.
South Korean mills purchase 50,000 T of wheat from the United States
European traders reported that a group of South Korean mills purchased an estimated 50,000 tons of milling grain to be sourced in the United States at an international auction on Wednesday.
All wheat was purchased FOB for a shipment between April 15th and April 20th.
They said that they believed the seller to be Bunge Trading House.
Traders said that the purchase included soft white wheat with a protein content between 9.5% and 11%, bought at a low of $230 per ton FOB. Soft white wheat with 9% was also purchased in the lower $230s per ton FOB.
The traders also said that hard red winter grain with 11.5% protein was bought at a price of mid-$250s per ton and dark northern spring flour with 14% protein costing high $270s per ton.
The reports reflect the opinions of traders, and additional estimates may be made later. (Reporting and editing by Emelia Matarise, Emelia Sithole Matarise).
(source: Reuters)